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The Royal Commission has been told that the AMP Super trustee had little or no knowledge of what AMP advisers were doing in relation to recommending superannuation products or if the advice was appropriate.
An academic has questioned the robustness of some bank advice remediation programs claiming some work has been carried out by contractors with little more than ‘hot house’ financial planning diplomas.
The Superannuation Complaints Tribunal has broken new ground by ordering a superannuation fund to reimburse nearly 10 years of fees deducted from a member’s account for advice she never received from an adviser she never met.
The Association of Financial Advisers has warned that the financial adviser exam represents a ‘cull’ mechanism as it is currently proposed.
The Association of Financial Advisers has warned of a likely upsurge in super complaints out of the Royal Commission and the possibility that the financial planning industry may be inappropriately asked to share the cost burden.
